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Dec 22, 2012
12/12
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last year, when the tea party republicans stymied the efforts of the deficit reduction committee that we called "the supercommittee," we said at the time that it would take a definitive election to decide the matter. november 6, the american people spoke. the american people spoke very clearly, and i think decisively. president obama has won all but one of the soda ash called swing states. he won a landslide victory in the electoral college, and he won the popular vote by more than 4.5 million votes. democrats in the senate added to their numbers, and won a popular vote margin of 56-44. house,e in the people's more than 1.5 million more americans voted for democrats then voted for republicans. the american people have spoken loud and clear, yet the republican leadership continues to exercise extreme partisanship, in defiance of the will of the people. i am hopeful that the spirit of the season will take hold over the next several days, and we can come back here after christmas with less partisan extremism, and work together to achieve honorable compromises that will arrest the widenin
last year, when the tea party republicans stymied the efforts of the deficit reduction committee that we called "the supercommittee," we said at the time that it would take a definitive election to decide the matter. november 6, the american people spoke. the american people spoke very clearly, and i think decisively. president obama has won all but one of the soda ash called swing states. he won a landslide victory in the electoral college, and he won the popular vote by more than...
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108
Dec 29, 2012
12/12
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CSPAN
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unemployment insurance is available for 2 million people, and it lays the groundwork for additional deficit reduction and economic growth steps that we can take in the new year. let us not miss this deadline. that is the bare minimum we should be able to get done. it should not be hard since democrats and republicans say they do not want to see taxes go up on middle-class families. i have to repeat -- outside of washington, nobody understands how it is that this seems to be a repeat pattern over and over again. ordinary folks -- they do their jobs. they meet deadlines. they sit down and they discuss things and then things happen. if there are disagreements, they sort through the disagreements. the notion that our elected leadership cannot do the same thing is mind-boggling to them. it needs to stop. i am modestly optimistic that an agreement can be achieved. nobody will get 100% of what they want. let us make sure that middle- class families and the american economy and the world economy are not adversely impacted because people cannot do their jobs. thank you very much, everybody. >> today
unemployment insurance is available for 2 million people, and it lays the groundwork for additional deficit reduction and economic growth steps that we can take in the new year. let us not miss this deadline. that is the bare minimum we should be able to get done. it should not be hard since democrats and republicans say they do not want to see taxes go up on middle-class families. i have to repeat -- outside of washington, nobody understands how it is that this seems to be a repeat pattern...
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Dec 23, 2012
12/12
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WMAR
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eye 153
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we don't have a short-term deficit problem. we have a jobs and growth problem and faltering recovery but we should put off the sequester, put off this grand bargain, come back, let the bush tax cuts expire, make sure the middle class -- >> off the cliff. >> the cliff is a manufactured media drama but the largest point is to say that the left are progressives supporting the great reforms of -- >> i would -- sflrs at a time when the richest are -- >> i would discount that maybe but on january 2nd when everyone's taxes go up, it may not feel manufactured but real. >> that's the point and this is what folks don't understand. where she's making a strong point is we're taking this, this incredible mallet and smash america and the people who will suffer are those in my community who want to go to college and lose avenues about how to do that, about the fbi agents cut that are protecting our borders and our nation from a challenge. people will be cut out on programs that support the poorest americans get access to healthy food and this
we don't have a short-term deficit problem. we have a jobs and growth problem and faltering recovery but we should put off the sequester, put off this grand bargain, come back, let the bush tax cuts expire, make sure the middle class -- >> off the cliff. >> the cliff is a manufactured media drama but the largest point is to say that the left are progressives supporting the great reforms of -- >> i would -- sflrs at a time when the richest are -- >> i would discount that...
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Dec 23, 2012
12/12
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MSNBCW
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we have a $1 trillion annual budget deficit forecast for the next year. that means that president obama's solution would address 8% of the problem. it's by focusing on the 8% and giving the public the impression that that's in fact what would fix the problem that all these parties have done a disservice. they need to focus on spending, not on taxes. if they focus primarily on spending, i bet you would see the tax situation resolve itself. >> david, let's take a sharp turn and talk about the man who came very close to becoming the next president. the "boston globe" has an in-depth look at what might have gone wrong during romney's campaign. romney's eldest song tag along with ann romney who had to we are said him to run. he was quoted as saying he wanted to be president less than anyone i know in my life h.no desire to run. if he could have found somebody else to take his place he would have been ecstatic to step aside. what do you make of this? >> my eyes opened on that story because we know that mitt romney has run twice for the presidency. there were se
we have a $1 trillion annual budget deficit forecast for the next year. that means that president obama's solution would address 8% of the problem. it's by focusing on the 8% and giving the public the impression that that's in fact what would fix the problem that all these parties have done a disservice. they need to focus on spending, not on taxes. if they focus primarily on spending, i bet you would see the tax situation resolve itself. >> david, let's take a sharp turn and talk about...
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Dec 22, 2012
12/12
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KCSM
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eye 136
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optimistic, paris has set a growth target of 0.8% for 2013 and says it is still confident it can cut its deficit to below the you-mandated level. a german power utility is cutting 1300 jobs as part of a 750 million euro cost-cutting program. >> it is germany's third biggest power company. most of the job losses will be among support and administrative staff. the company has struggled financially from having to shut down to below of its nuclear reactors over safety fears in the wake of the fukushima disaster. >> ratings agency standard and poor's has downgraded cypress again. its sovereign debt already has junk status. now it has gone down two more notches. >> cypress says it needs a decision on an international bailout within days to avoid a default. international monetary fund says talks are unlikely to be concluded this year. it needs the bailout to save its banks, which are heavily exposed to greet debt. well, germans are losing their appetite for spending money. consumer confidence has fallen for the second month in a row according to market research group gfk. >> they polled 2000 german sho
optimistic, paris has set a growth target of 0.8% for 2013 and says it is still confident it can cut its deficit to below the you-mandated level. a german power utility is cutting 1300 jobs as part of a 750 million euro cost-cutting program. >> it is germany's third biggest power company. most of the job losses will be among support and administrative staff. the company has struggled financially from having to shut down to below of its nuclear reactors over safety fears in the wake of the...
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Dec 22, 2012
12/12
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KGO
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. >> wall street sent a message loud and clear there is a major stake in the washington deficit talks. dow jones fell sharply today. the economists believe if we go over the fiscal cliff, it could trigger a reseegs still looking for holiday gifts in an affordable price? >> coming up next, some advice on price matching. >>> it's just one more weekend of shopping left. michael finney thought you might like to know how to find the best deals. >> dig box stores competing for the same customers with the same merchandise and they know they need to offer competitive prices in order to get your business. >> online a mobile shopping makes it easier for people to make sure they're getting the best deal. so retailers offering some policies this season. >> this is a great tool for price comparing. >> if it's a major purchase and expensive, tax adds up. so... i check just before to make sure i'm not getting ripped off. >> for the first time, many retailers launched price matching programs online and in their store autos if retailers don't do this, they're just not going to be able to compete. so i
. >> wall street sent a message loud and clear there is a major stake in the washington deficit talks. dow jones fell sharply today. the economists believe if we go over the fiscal cliff, it could trigger a reseegs still looking for holiday gifts in an affordable price? >> coming up next, some advice on price matching. >>> it's just one more weekend of shopping left. michael finney thought you might like to know how to find the best deals. >> dig box stores competing...
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Dec 22, 2012
12/12
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FOXNEWSW
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this is it the largest deficit reduction in history. >> president bush. >> american families have to balance their budgets and so should the government. >> and president. >> ever day families sacrifice to live in their means and they deserve a government to do the same. >> boehner insists that the president is singing a different tune. >> it is clear that the president is not serious about cutting speppeding, but speppeding is the problem. >> you can hear the talking heads every day and back and forth every day. but have you tried to get your head around how much the government doles out every day. what is the basic math we have the problem. >> in the month of november. the government brought in five billion worth of revenue . we spend more than 11 billion a day. the difference as you can clearly see is roughly six billion dollars. so how can we keep speppeding more than we take in? the econist said we can't. the government spends more than 11 billion a day. where does thity of the money g. top four outlays. department of health and human services that goes through three billion of t
this is it the largest deficit reduction in history. >> president bush. >> american families have to balance their budgets and so should the government. >> and president. >> ever day families sacrifice to live in their means and they deserve a government to do the same. >> boehner insists that the president is singing a different tune. >> it is clear that the president is not serious about cutting speppeding, but speppeding is the problem. >> you can...
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Dec 28, 2012
12/12
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CNNW
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. >> an old man who is in debt and deficits. >> he's going to do the hammer dance? >> he's one of these great public servant who will say or do whatever it takes to get people's attention on issues that really matter. and this group that sponsored it is the can kicks back. it's not 200 million views. >> i wish we could see al franken dancing in a unitard to fight wviolence against women. >> make the cut. >> who picked the list? >> we all did it. >> up next, a rust belt bright spot in 2013. we're going to take you there, next. and would always be there with the biggest welcome home. for a love this strong, dawn only feeds him iams. compared to other leading brands, it has 50% more animal protein. ...to help keep rocky's body as strong as a love that never fades... if he ever lets her leave again. iams. keep love strong. [ sniffs ] i took dayquil but my nose is still runny. [ male announcer ] truth is, dayquil doesn't treat that. really? [ male announcer ] alka-seltzer plus fights your worst cold symptoms, plus it relieves your runny nose. [ breathes deeply ] awesome.
. >> an old man who is in debt and deficits. >> he's going to do the hammer dance? >> he's one of these great public servant who will say or do whatever it takes to get people's attention on issues that really matter. and this group that sponsored it is the can kicks back. it's not 200 million views. >> i wish we could see al franken dancing in a unitard to fight wviolence against women. >> make the cut. >> who picked the list? >> we all did it....
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Dec 27, 2012
12/12
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FOXNEWSW
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eye 282
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and so the deficit increased rather than declined. so it went from 220 billion in 1990 to 269 billion in 1991, 290 billion in 1992. i think that's directly relevant today because i think the obama tax increases are more likely to lose revenue rather than to gain revenue. for example -- >> clayton: we know what happened with president george h.w. bush, read my lips, no new tax and ended up going forward with some of those tax increases to part of the negotiation and democrats didn't come forward with entitlement cuts that were enough to actually counteract some of those tax increases. could we be seeing the exact same thing today? >> well, yes. for example, one big tax increase in the obama tax increase package is the capital gains tax rate is going to go up 58% on the higher income taxpayers. and so now in the last 50 years, every time the capital gains tax rate has been raised, capital gains revenues have declined rather than increased. and every time the capital gains tax rate has been cut, capital gains revenues increased rather th
and so the deficit increased rather than declined. so it went from 220 billion in 1990 to 269 billion in 1991, 290 billion in 1992. i think that's directly relevant today because i think the obama tax increases are more likely to lose revenue rather than to gain revenue. for example -- >> clayton: we know what happened with president george h.w. bush, read my lips, no new tax and ended up going forward with some of those tax increases to part of the negotiation and democrats didn't come...
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Dec 23, 2012
12/12
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WBFF
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eye 108
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you were a member of the bowles-simpson deficit commission and voted for the final report. let's remind people. that proposed almost $3 trillion in spending cuts. president obama's last offer, the one that the republicans rejected, was less than $1 trillion in spending cuts. we checked. that would be less than 2% of the $44 trillion the government will spend over the next decade. again, is that the best democrats can do? 2% of all the spending over the next deca >> you know, this conversation means exactly what is wrong in washington. i mean, just listen to the conversation you just had. it is he said/she said, blame the other guy. and, look, i tried to be constructive here and lay out an actual plan to get us nearly $4 trillion, by taking the offers that are on the table. speaker boehner and the president were so close and then speaker boehner went off on plan b. i never understood why. had no prospect of succeeding. it did not succeed, even in his own caucus. but now -- >> you are not answering my question. >> yes. because i'll tell you, something, because we only have ni
you were a member of the bowles-simpson deficit commission and voted for the final report. let's remind people. that proposed almost $3 trillion in spending cuts. president obama's last offer, the one that the republicans rejected, was less than $1 trillion in spending cuts. we checked. that would be less than 2% of the $44 trillion the government will spend over the next decade. again, is that the best democrats can do? 2% of all the spending over the next deca >> you know, this...
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Dec 23, 2012
12/12
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CSPAN2
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eye 162
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he was a deficit hawk, boy, we could use him today, who controlled government spending and taxes. the famous speech warning against the industrial complex was at the end of the presidency, but worked on it all along behind the scenes. heaven help us he liked to say when we get a president who knows less about the military than i do. it was not about the economy or saving money. in the berlin crisis and earlier crisis with korea and vietnam in 1953 over the strait in 1954-55 and 1958 in the suez crisis in 1956, he was planning a bigger gain for higher stakes. west point cadet and young army officer, ike was a great poker player, and, indeed, so good, he had to give it up. he was taking too much money from the fellow officers hurting his career. he switched to bridge, but he never forgot how to bluff. the soviets, he bluffed with nuclear weapons. as only a real warrior can, ike hated war. curiously, the great war hero was never in combat. in world war i, he was training troops to his great chagrin, and world war ii, he was too valuable and knew too much to risk getting captured or k
he was a deficit hawk, boy, we could use him today, who controlled government spending and taxes. the famous speech warning against the industrial complex was at the end of the presidency, but worked on it all along behind the scenes. heaven help us he liked to say when we get a president who knows less about the military than i do. it was not about the economy or saving money. in the berlin crisis and earlier crisis with korea and vietnam in 1953 over the strait in 1954-55 and 1958 in the suez...
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Dec 23, 2012
12/12
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FBC
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eye 129
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beaten with a stake in order to get something substantial accomplished in terms of long-term budget deficit reduction. lou: i can tell you, your metaphor, it pro the is welcomed that nearly every year or in the country right now because the idea of being these politicians with something right now is compelling. i mean, this is really getting stupid. >> it's like spare the market, spoil the policymakers. lou: as we look at these numbers that are coming in, you were watching, as we have talked for some time. the bernanke bubble is rising. now, it's getting rater potent and driving this market. are we now seeing that shift, we are talking about over four and a half billion shares today, above the average all week. it looks like we're starting to see a real turn to equities. are we? >> that could be the case. if you believe money market rates will stay close to 0% until the middle of 2015 and ten year treasurys will climb above 2% anytime soon. it makes a great deal of sense. >> i agree. it is going to happen, and he has his paddle to the metal. he is n a point change. lou: he being ben bernank
beaten with a stake in order to get something substantial accomplished in terms of long-term budget deficit reduction. lou: i can tell you, your metaphor, it pro the is welcomed that nearly every year or in the country right now because the idea of being these politicians with something right now is compelling. i mean, this is really getting stupid. >> it's like spare the market, spoil the policymakers. lou: as we look at these numbers that are coming in, you were watching, as we have...
777
777
Dec 22, 2012
12/12
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FOXNEWSW
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eye 777
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and then he says come back and do spending cuts and deficit reduction in the new year. he is telling lawmakers take a few days off. relax over the holidays and maybe we'll all come together. take a listen. >> sing some christmas carols, enjoy the company of loved ones. and then i would ask every member of congress while they are back home to think about that think about the obligations we have to the people who sent us here. think about the hardship that so many americans will endure if congress does nothing at all. >> now, i can hear the helicopters warming up there on the other side of the white house from where i am on the south lawn. the president will be heading to andrew's air force base in a moment. is he going to hawaii tonight. on his way out the door told us "see you next week." which means he will be coming back after christmas before new years to try to work this out with lawmakers. he also suggested maybe they have eggnog over the holiday. maybe he thinks that will grease the skids. >> harris: eat cookies and sing carols for the rest of us across the countr
and then he says come back and do spending cuts and deficit reduction in the new year. he is telling lawmakers take a few days off. relax over the holidays and maybe we'll all come together. take a listen. >> sing some christmas carols, enjoy the company of loved ones. and then i would ask every member of congress while they are back home to think about that think about the obligations we have to the people who sent us here. think about the hardship that so many americans will endure if...
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Dec 27, 2012
12/12
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CNBC
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eye 73
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amazon is fighting many deficit fronts, fighting google, netflix, fighting apple. when eventually everything comes home to roost, amazon will have their rollover period. when it gets down to the 218 range, we welcome take some off but i think it will go over and crack the $200 level. >> you wont to go an that one? >> no. i think it could have trouble going forward and perhaps that outage on christmas eve on netflix showed the kink in the armor on their web services. >>> wrapping to the highest level in 21 months, the yen hits mult multilevel lows versus the u.s. dollar. let's bring in kathy. great to have you. nice to see you. >> great to be on. >> certainly is a popular trade these days. is it too crowded and likely tie soon? >> there's your question. well, basically the yen trade is the trade of the year that everyone was calling for in 2013. we've already seen a huge move. so i think that, you know, there's a lot of people who have ran into the trade over the past month. i think that, you know, while there's still fundamental reasons for the dollar yen to move h
amazon is fighting many deficit fronts, fighting google, netflix, fighting apple. when eventually everything comes home to roost, amazon will have their rollover period. when it gets down to the 218 range, we welcome take some off but i think it will go over and crack the $200 level. >> you wont to go an that one? >> no. i think it could have trouble going forward and perhaps that outage on christmas eve on netflix showed the kink in the armor on their web services. >>>...
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122
Dec 26, 2012
12/12
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CNBC
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it will add to what is already shaping up as a large production deficit. it's interesting, because in the middle of the year, they were saying 2013 we were going to have a big production surplus. doesn't look like it's going to go that way. however, it would be a help. this is not another gold or silver from the standpoint of causing a super explosion, in my opinion. >> what about oil, gas, the other liquids? >> i don't like natural gas. natural gas has kind of been a favorite because its long term prospects are excellent. if you ask me two, three, five years from now, i would be very bullish. right now we have record supplies. weather doesn't look that great. at least for the first part of the year, i don't particularly like it. now, crude oil over supplied market, more than abundant supply but i'm bullish. there's too much going on geopolitically. if we do have even this modest improvement in global demand for industrial commodities we talked about in copper, we will see that translate. i would not be short crude. i would be looking to buy weakness in cr
it will add to what is already shaping up as a large production deficit. it's interesting, because in the middle of the year, they were saying 2013 we were going to have a big production surplus. doesn't look like it's going to go that way. however, it would be a help. this is not another gold or silver from the standpoint of causing a super explosion, in my opinion. >> what about oil, gas, the other liquids? >> i don't like natural gas. natural gas has kind of been a favorite...
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168
Dec 22, 2012
12/12
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KICU
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eye 168
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hike, protects unemployment insurance, and lays the ground work for further work on both growth and deficit reduction. >> reporter: remarks came after speaker of the house john boehner failed to bring plan b to the floor. it would have raised taxes on those americans making more than $1 million a year. >> we had a number of our members who just really didn't want to be perceived as raising taxes. >> reporter: the two sides left blaming each other for inaction. democrats said the failure in the house pointed for a need for more compromise by the gop. >> republicans got the message loud and clear. >> reporter: he said the next move needs to come from the president. >> he is the only one who can do it. this isn't john boehner's problem to solve. >> without a deal tax hikes and spending cuts are set to trigger after january 1. in washington. >>> just released figures show the price of a home in november rose to the highest level since 2008. data show the average sale price for a single family home in november was $883,000. that is up 16% from 2011. the price of condos rose 40%, $468,000. a lack
hike, protects unemployment insurance, and lays the ground work for further work on both growth and deficit reduction. >> reporter: remarks came after speaker of the house john boehner failed to bring plan b to the floor. it would have raised taxes on those americans making more than $1 million a year. >> we had a number of our members who just really didn't want to be perceived as raising taxes. >> reporter: the two sides left blaming each other for inaction. democrats said...
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794
Dec 22, 2012
12/12
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KTVU
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eye 794
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hike, protects unemployment insurance, and lays the ground work for further work on both growth and deficit reduction. >> reporter: remarks came after speaker of the house john boehner failed to bring plan b to the floor. it would have raised taxes on those americans making more than $1 million a year. >> we had a number of our members who just really didn't want to be perceived as raising taxes. >> reporter: the two sides left blaming each other for inaction. democrats said the failure in the house pointed for a need for more compromise by the gop. >> republicans got the message loud and clear. >> reporter: he said the next move needs to come from the president. >> he is the only one who can do it. this isn't john boehner's problem to solve. >> without a deal tax hikes and spending cuts are set to trigger after january 1. in washington. >>> just released figures show the price of a home in november rose to the highest level since 2008. data show the average sale price for a single family home in november was $883,000. that is up 16% from 2011. the price of condos rose 40%, $468,000. a lack
hike, protects unemployment insurance, and lays the ground work for further work on both growth and deficit reduction. >> reporter: remarks came after speaker of the house john boehner failed to bring plan b to the floor. it would have raised taxes on those americans making more than $1 million a year. >> we had a number of our members who just really didn't want to be perceived as raising taxes. >> reporter: the two sides left blaming each other for inaction. democrats said...
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127
Dec 30, 2012
12/12
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CSPAN
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eye 127
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it doesn't help make lowering future deficits any easier. so there are some things we need to change about the corporate tax code but in general i think we need to realize that if we set our country on the right path making the right investments in technology and education and really making sure we don't cut the necessary programs that can help us do that growth and so we have to make them a priority and perhaps deprioritize other spending areas we will be able to grow with the global economy . manufacturing has already come back to some degree i know that apple computers are actually moving a couple production facilities back to the united states from china. there's a real key is to make sure that we're continuing to invest in those types of investments and help us compete on a global scale. but we should also realize that it helps us when apple can produce their goods in china in a more cheap efficient manner than we could here because american consumers can get i pods and i phones on a much discounted basis from what it would be if we tri
it doesn't help make lowering future deficits any easier. so there are some things we need to change about the corporate tax code but in general i think we need to realize that if we set our country on the right path making the right investments in technology and education and really making sure we don't cut the necessary programs that can help us do that growth and so we have to make them a priority and perhaps deprioritize other spending areas we will be able to grow with the global economy ....
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237
Dec 27, 2012
12/12
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CNBC
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eye 237
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direct limb reply indicated in the fiscal cliff talks but it is relevant to the larger issue of debt and deficits. the treasury can move money around in certain ways to extend the point where we actually reach a crisis for probably a couple of months. but this is an early warning sign. secondly, republicans in the house sent word to democrats in the senate, white house, it is your turn now. we acted to put off the fiscal cliff several months ago with a bill that without objection tend all of those bush tax rates into the future and would turn off the sequester by switching defense cuts over to domestic programs. democrats, of course have no intention of doing that. especially after president obama won the election. senate democratic leadership aide tells me that will remains a 50/50 chance we will get a mini deal temporary extension of tax cuts under $250,000 before the january 1 deadline when we would go over the cliff. will are no assurances of that. a white house official told me as president obama prepares to fly back to conduct and participate in the negotiations at the end, there has been n
direct limb reply indicated in the fiscal cliff talks but it is relevant to the larger issue of debt and deficits. the treasury can move money around in certain ways to extend the point where we actually reach a crisis for probably a couple of months. but this is an early warning sign. secondly, republicans in the house sent word to democrats in the senate, white house, it is your turn now. we acted to put off the fiscal cliff several months ago with a bill that without objection tend all of...
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154
Dec 28, 2012
12/12
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CNBC
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eye 154
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i'm shaving a little bit off of this year's deficit. we're going to have fiscal problems for as far as the eye can see, an here's where an investor, a smart investor is going to want to diversify, especially into things like tangible assets like gold. >> you're going to make the case for gold here, which, you know, has had a heck of a run for the last decade or so, but it has started to show signs of wear and tear. what would propel gold from here necessarily? >> well, two things that i would have your viewers take a look at. the first is the reason why gold has kind of flattened out at about 1650 or so is because a huge amount of supply has come on the market. there's a lot of profit-takers who are worried about increased taxes next year. as you said, they have made a lot of money on gold, so they are selling it right now and locking in those profits. the other thing to look at that very few investors have caught on to but when i was at the mint we studied this, gold demand and gold prices correlate very well with the national debt cei
i'm shaving a little bit off of this year's deficit. we're going to have fiscal problems for as far as the eye can see, an here's where an investor, a smart investor is going to want to diversify, especially into things like tangible assets like gold. >> you're going to make the case for gold here, which, you know, has had a heck of a run for the last decade or so, but it has started to show signs of wear and tear. what would propel gold from here necessarily? >> well, two things...
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Dec 24, 2012
12/12
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CSPAN
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eye 174
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we are going to expand our dominance and are well by expanding our deficit and using our deficits to provide the rest of the world with the demand which is necessary to grow their economies, even at the expense of hours. and who is going to pay for the deficit? if i have an ever-expanding deficit, the bank tells me it is came over. but if you are the united states of america and there are certain other factors that i will touch upon later, what you can do is you can expand your deficit as long as you create the circumstances so that german entrepreneurs, later chinese, take their profit, which they earned and they send it to wall street. thus closing the cycle, the recycling loop. so, effectively what we have between 1940's and 1971, 1973, you had global surpluses being recycled from united states to the rest of the world. the capitalist world. the western world. ok? so, the united states was an exporter to europe and japan. it was making profits. it was then recycling to europe and japan. so they would keep on buying. once the surplus shifted to japan, germany, and china, the idea t
we are going to expand our dominance and are well by expanding our deficit and using our deficits to provide the rest of the world with the demand which is necessary to grow their economies, even at the expense of hours. and who is going to pay for the deficit? if i have an ever-expanding deficit, the bank tells me it is came over. but if you are the united states of america and there are certain other factors that i will touch upon later, what you can do is you can expand your deficit as long...
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that is where we need to go in terms of reducing the deficit. guest: that is true, we to cut spending, but there is some conflicting of a couple issues. we to cut long-term spending on retirement programs to make them more in line with economic growth, not make them grow that much more quickly than economic growth. all the things that the republican house has passed, cuts, have the discretionary spending and non-defense discretionary spending. so i think it is true you have to be serious about long-term mandatory spending reductions, but you cannot get their only by spending -- reducing spending. you have to do something on taxes. really, plan b was about tax cuts, not spending. it seems to me the only with the republican party will get major spending cuts passed is it they also agreed to new revenue. otherwise, the president cannot be out there continually only cutting spending while leaving all of the bush-ever tax cuts in place. host: let me share with you what family pet rich writes. she says it is almost certain that social security will be
that is where we need to go in terms of reducing the deficit. guest: that is true, we to cut spending, but there is some conflicting of a couple issues. we to cut long-term spending on retirement programs to make them more in line with economic growth, not make them grow that much more quickly than economic growth. all the things that the republican house has passed, cuts, have the discretionary spending and non-defense discretionary spending. so i think it is true you have to be serious about...
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insurance is still available for 2 million people, and that lays the groundwork then for additional deficit reduction and economic growth steps that we can take in the new year. >> all of this still developing. and we will have more on all of it with mark shields and david brooks later in the program. >> also ahead >> warner: also ahead, between now and then; protesting a gang rape in india; mass producing high quality education and remembering general norman schwarzkopf. but first, the other news of the day. here's kwame holman. >> holman: the u.s. economy has dodged a potentially crippling strike at ports up and down the east coast and gulf coast at least, for now. the longshoremen's union agreed today to extend its existing contract by another month. that word came after the union and shipping lines worked out a deal on royalty payments for unloading containers. the contract extension gives the two sides time to resolve their remaining issues. wall street finished the week with its fifth straight losing session. stocks have been falling as concern mounts that washington will fail to get
insurance is still available for 2 million people, and that lays the groundwork then for additional deficit reduction and economic growth steps that we can take in the new year. >> all of this still developing. and we will have more on all of it with mark shields and david brooks later in the program. >> also ahead >> warner: also ahead, between now and then; protesting a gang rape in india; mass producing high quality education and remembering general norman schwarzkopf. but...
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it should not be done as part of a deficit reduction. it should be done to secure the solvency of social security. healthcare little different circumstance because that is the 800 pound gorilla. if you look at growth as a share of g.d.p., the healthcare accounts interest on the debt, that's where it's at. it's not in the discretionary accounts or social security. the place we are having very significant growth of a share of g.d.p. is in the healthcare accounts. and as i indicated as a nation we are spending so much more than anybody else and the other countries that are advanced are actually with less expenditures a share of their national income are getting better healthcare out comes. so there say chance for savings -- so there is a chance ofor savings without hurting beneficiaries and with actually improving the competitive position of our economy. >> richard man will give the mike to the individuals and identify youself and what your question is. >> i'm a reporter with lrp publications. in the chart that talked about the $1 trillion
it should not be done as part of a deficit reduction. it should be done to secure the solvency of social security. healthcare little different circumstance because that is the 800 pound gorilla. if you look at growth as a share of g.d.p., the healthcare accounts interest on the debt, that's where it's at. it's not in the discretionary accounts or social security. the place we are having very significant growth of a share of g.d.p. is in the healthcare accounts. and as i indicated as a nation we...
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the problem with the fiscal cliff is it would put in place deficit reduction, but it would put in deficit reduction too much, too quickly, and with the wrong parts of the budget. so it would let all of the tax cuts expire, it would let many things like the alternative minimum tax hit the middle class. it would have a big, broad-based sequester that goes into place, not gradually, like we would want, to help not derail an economic recovery, but abruptly, and it deals with the wrong parts of the budget. so what you want to do is replace this big amount deficit reduction, all hitting just at the time when the economic recovery is starting to take hold, with a more thoughtful plan that's phased in gradually. so it doesn't do too much deficit reduction up-front, but it puts in the necessary changes to health care cost, retirement, tax reform, all over time and puts us on a sustainable path to a better place. >> let me ask you a central question. is america different from europe? can america continue to run huge budget deficits, because the feds can buy treasuries and prop up the market, and be
the problem with the fiscal cliff is it would put in place deficit reduction, but it would put in deficit reduction too much, too quickly, and with the wrong parts of the budget. so it would let all of the tax cuts expire, it would let many things like the alternative minimum tax hit the middle class. it would have a big, broad-based sequester that goes into place, not gradually, like we would want, to help not derail an economic recovery, but abruptly, and it deals with the wrong parts of the...
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insurance is still available for 2 million people and that lays the groundwork then for additional deficit reduction and economic growth steps that we can take in the new year. >> all of this still developing. and we will have more on all of it with mark shields and david brooks later in the program. >> also ahead >> warner: also ahead, between now and then; protesting a gang rape in india; mass producing high quality education and remembering general norman schwarzkopf. but first, the other news of the day. here's kwame holman. >> holman: the u.s. economy has dodged a potentially crippling strike at ports up and down the east coast and gulf coast at least, for now. the longshoremen's union agreed today to extend its existing contract by another month. that word came after the union and shipping lines worked out a deal on royalty payments for unloading containers. the contract extension gives the two sides time to resolve their remaining issues. wall street finished the week with its fifth straight losing session. stocks have been falling as concern mounts that washington will fail to get
insurance is still available for 2 million people and that lays the groundwork then for additional deficit reduction and economic growth steps that we can take in the new year. >> all of this still developing. and we will have more on all of it with mark shields and david brooks later in the program. >> also ahead >> warner: also ahead, between now and then; protesting a gang rape in india; mass producing high quality education and remembering general norman schwarzkopf. but...
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when you talk about jobs, whether the deficit, people think about things the government can do to try to improve the job situation. and, fundamentally the concerns people have right now have to do with the fairness of the political system and the fairness of the economic system. that is the realm in which i think obama had an upper hand and played that. mitt romney making statements about 47% helped him in that regard it is not about class resentment. it is not middle income class and lower income resent middle- class people but the to the system as unfair. that the way benefits are distributed is unfair, and they want to see a system move in the direction of fairness. i think that theme played very well to obama and helped to overcome the headwinds he faced in that respect. but if it is there in a review of the election. then what i would like to do is open it up to more of a conversation and more of a question and answer. there are a lot of other things we steady besides voting and what voters decided. we study technology and how it is changing the way people engaged with campaigns.
when you talk about jobs, whether the deficit, people think about things the government can do to try to improve the job situation. and, fundamentally the concerns people have right now have to do with the fairness of the political system and the fairness of the economic system. that is the realm in which i think obama had an upper hand and played that. mitt romney making statements about 47% helped him in that regard it is not about class resentment. it is not middle income class and lower...
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still the crushing deficit is so they still have to do some big things let alone optimism gration reform and other stuff. it's a little like tarp, remember the hse voted no then the markets just could lapsd. i think we might see something like that in the first week in january and then a focus. but they will still be with cooperation. >> we have already seen an emotion of public confidence and a slowdown of economic activity. so i mean it's like this has already built in. i agree with david that the tarp analogy is a valid one but i think tarp was so dramatic and immediate. this is almost going to slow change. it is like it's built in. >> havinging what imact-- impact on the public wince think a loss of consumer certainty, consumer confidence and comes back to not to sound like good government 101 but come back to the fact confidence in the public sector. you want to do something bim gration, about climate change. in order to do that, there has to be a public reservoir of public confidence that we can act effectively. the government can be an instrument of change for the better. if the g
still the crushing deficit is so they still have to do some big things let alone optimism gration reform and other stuff. it's a little like tarp, remember the hse voted no then the markets just could lapsd. i think we might see something like that in the first week in january and then a focus. but they will still be with cooperation. >> we have already seen an emotion of public confidence and a slowdown of economic activity. so i mean it's like this has already built in. i agree with...
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that would cut the deficit in half. that would affect the ability to finance this larger government than he has created. so that would be consistent with his vision. then we would have a cry for tax reform act of top rates on the wealthy would be too high if you are running a small business. so they would eliminate some deductions. the tax burden overall would be about the same. and the deficit if with starts to wind down. the problem is president obama has also presided over a french- style growth rates of 2% per year. is not the worst of jamee have been been in the post world war era. -- this is not the worst jam. reagan had the economy growing at 6%. whereas mr. obama, to%. the downside has been the notion of accepting a much slower broken. longer-term, the pyramid of our society is getting more like a column, because we're having more and more older people -- people are living older and we can raise the retirement age. even with that we will have a larger elderly population to take care of. 2% growth becomes very di
that would cut the deficit in half. that would affect the ability to finance this larger government than he has created. so that would be consistent with his vision. then we would have a cry for tax reform act of top rates on the wealthy would be too high if you are running a small business. so they would eliminate some deductions. the tax burden overall would be about the same. and the deficit if with starts to wind down. the problem is president obama has also presided over a french- style...
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. >> warren buffett could pay off the deficit he wanted to. but it is to be that a deal will happen after january 1. does that make any difference? >> yes, it does. i think some of all this panic is a little bit overwrought. if they don't reach a deal in the next 22 hours or so, then we go into january, and the stakes get so much higher. as you said, people will start feeling immediately the effect of those higher taxes. and that will put the pressure on the congress and president reach a deal. if they don't reach a deal on december 31, which is my prediction, i believe sometime before the end of january, they will reach a deal. but my goodness. one of the things that is frustrating is we have known this day was coming for the last two years. yet here we are, 72 hours away and we don't have a resolution. gregg: this is a contrivance that they are desperately trying to fix. our member the president said in a debate, the debate, he said that i didn't come up with this. then bob woodward came out and said, yes, you did. you know, both a top aide
. >> warren buffett could pay off the deficit he wanted to. but it is to be that a deal will happen after january 1. does that make any difference? >> yes, it does. i think some of all this panic is a little bit overwrought. if they don't reach a deal in the next 22 hours or so, then we go into january, and the stakes get so much higher. as you said, people will start feeling immediately the effect of those higher taxes. and that will put the pressure on the congress and president...
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energy, even at my age and that could be due to the fact that all my life, i've had adhd--attention deficit hyperactivity disorder. but the great thing about having that, and i don't even think of it as a disorder, i think of it as a benefit because you can hyper-focus on what you love to do. in my case, riding a unicycle. i don't see myself quitting. i see myself riding well into my eighties. i want to be the oldest extreme unicyclist. i probably am at this point. - and what would terry be if he weren't an extreme unicycler? - getting fat. ha ha! for sure. - i'm val zavala for "my generation." - today, terry is one of the few unicyclists in the world over 50 to have successfully jumped and cleared a full set of 8 stairs a 6-foot phone booth and a 7-foot tractor. we totally give it up to you, terry. - be a part of the conversation. send an e-mail to mygeneration@aarp.org or "like" us on facebook and follow us on twitter. - he's a world-class extreme athlete, programmed to put one foot in front of the other to complete the journey. marshall ulrich never knew that pushing through the pain of
energy, even at my age and that could be due to the fact that all my life, i've had adhd--attention deficit hyperactivity disorder. but the great thing about having that, and i don't even think of it as a disorder, i think of it as a benefit because you can hyper-focus on what you love to do. in my case, riding a unicycle. i don't see myself quitting. i see myself riding well into my eighties. i want to be the oldest extreme unicyclist. i probably am at this point. - and what would terry be if...
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lays the groundwork for work on growth and deficit reduction. that is an achievable goal. >> today's meeting is the first with the president since november 16. sign for republicans that mr. obama has not really been pushing that hard for a deal. >> we need presidential leadership on in the just taxing rich people. >> three words the president did not use. he did not use the word sequester and he didn't say "debt ceiling" either. he focused most of his remarx on preventing taxes from going up. there are also massive spending cuts coming. no idea how they will avert that. he also did not mention the debt ceiling. earlier they wanted lifting the debt ceiling included. now it's clear it's not in the short-term package that guarantees if they get a short-term deal here, we have major budget battles coming. >> the key to any good negotiation each side has to give up something. near and dear to their heart. what is it, as succinctly as you imagine, both sides have given up? >> both sides say the president started on threshold of tax cut of $250,000. ne
lays the groundwork for work on growth and deficit reduction. that is an achievable goal. >> today's meeting is the first with the president since november 16. sign for republicans that mr. obama has not really been pushing that hard for a deal. >> we need presidential leadership on in the just taxing rich people. >> three words the president did not use. he did not use the word sequester and he didn't say "debt ceiling" either. he focused most of his remarx on...
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. >> what i'm not willing to do is to have the entire burden of deficit reduction rest on the shoulders of seniors making students pay a higher student loan rates, ruining our capacity to invest in things like basic research that help our economy grow. >> in news overseas the bodies of the dead are being carried away in syria today. at least 397 people were killed saturday. that is the deadliest day so far in the 21-month long civil war. another 52 died today. the joint u.n. arab league envoy said the situation is rapidly deteriorating but that a solution is still possible. >>> in massachusetts boston's mayor lifted a snow emergency a little earlier today. more than a foot of snow fell on several towns across that state overnight. crews are clearing tons of snow in the gillette stadium now preparing for the patriots/dolphins game this afternoon. >>> keep it here as the clock ticks to the fiscal cliff. we are live on capitol hill and at the white house. plus we'll be back with a full hour at 2:00 p.m. eastern here in the cnn newsroom. we'll see you then. >>> it was one of the most import
. >> what i'm not willing to do is to have the entire burden of deficit reduction rest on the shoulders of seniors making students pay a higher student loan rates, ruining our capacity to invest in things like basic research that help our economy grow. >> in news overseas the bodies of the dead are being carried away in syria today. at least 397 people were killed saturday. that is the deadliest day so far in the 21-month long civil war. another 52 died today. the joint u.n. arab...
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with leaders of both parties to try to forge an agreement that would grow our economy and shrink the deficit, a balanced plan that would cut spending in a responsible way but also ask wealthy americans to pay more and protect our middle-class and everyone striving to get into the middle class. i want to get this done. it is the right thing to do for our families, businesses, and our economy, but the hour for immediate action is here. it is now. we are at the point where in four days every american's tax rates are scheduled to go up by law. every americans' paychecks will get considerably smaller. that would be the wrong thing to do for our economy, it would be bad for middle-class families, and it would be bad for businesses that depend on family spending. congress can prevent it if they act right now. i just had a good and constructive discussion here at the white house with leadership about how to prevent the tax hike on the middle class. we may reach an agreement that can pass both houses in time. senators reid and mcconnell are working on such an agreement as we speak, but if an agreemen
with leaders of both parties to try to forge an agreement that would grow our economy and shrink the deficit, a balanced plan that would cut spending in a responsible way but also ask wealthy americans to pay more and protect our middle-class and everyone striving to get into the middle class. i want to get this done. it is the right thing to do for our families, businesses, and our economy, but the hour for immediate action is here. it is now. we are at the point where in four days every...
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he was a deficit hawk. he controlled government spending and package. his famous speech warning against military-industrial complex came at the end of his presidency but, in fact, he been working on it all a long. mostly behind the scenes. heaven help us, he liked to say, that we'll get a president who knows less about the military than i do. this approach to the military was not just about the economy. in the berlin crisis in 58-59 and in early crisis with korea and vietnam in 1953, 54, the almost straight, the suez crisis in 1956, eisenhower was playing a bigger game for higher stakes. a west point cadet and a young army officer, ike had been a great poker player. indeed, he was so good that he had to give it up. he was taking too much money from his fellow officers and it was hurting his career. he switched to bridge, but he never forgot how to block it with the soviets he bluffed with nuclear weapons. as only a real warrior can, ike hated war. seriously, the great war hero had never been in combat. in world war i had been stateside training troops t
he was a deficit hawk. he controlled government spending and package. his famous speech warning against military-industrial complex came at the end of his presidency but, in fact, he been working on it all a long. mostly behind the scenes. heaven help us, he liked to say, that we'll get a president who knows less about the military than i do. this approach to the military was not just about the economy. in the berlin crisis in 58-59 and in early crisis with korea and vietnam in 1953, 54, the...
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meanwhile, useful from my perspective to lock in some additional revenue to help on the medium term deficit. >> people on the left this whole idea of comprehensive tax reform unleashing economic growth is nonsense. is that -- >> most of the evidence suggests that there is some benefit from a more sensible tax code. i think in 2013 itself, we have larger problems in the sense of inadequate demand, but i think it's hard to argue that we wouldn't do somewhat better with a more sensible tax code. >> one piece that you've been pushing is a consumption tax as part of this comprehensive tax deal. you know that a lot of economists think it is a good idea. we should tax consumption and get the savings rate up. it seems politically dead on arrival. i think paul voker mentioned it and in response 96 senators passed a sense of the senate resolution that this was an evil idea. >> here's the way i look at it. we're not going to get a consumption tax in this discussion this year and not next spring either. the reason it's inevitable, on the republican side, it is the way to slowly do tax reform. peter's r
meanwhile, useful from my perspective to lock in some additional revenue to help on the medium term deficit. >> people on the left this whole idea of comprehensive tax reform unleashing economic growth is nonsense. is that -- >> most of the evidence suggests that there is some benefit from a more sensible tax code. i think in 2013 itself, we have larger problems in the sense of inadequate demand, but i think it's hard to argue that we wouldn't do somewhat better with a more sensible...
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we are in the doldrums now because of the debt and the deficits that are dragging down our economy, as well as the over-regulation of small business. i think we've got to do something to do a patch now which, clearly on december 27, when mark warner and i go back, it is going to be a patch because in four days, we can't solve everything. >> schieffer: let me ask-- >> but i think we need to stop this fiscal cliff at a reasonable if salary level and then start working on the spending cuts. >> schieffer: about 30 seconds, senator. will there be a small deal? >> i think there's going to, unfortunately, be only a small deal. unless we get to dpowrl trillion we're just kick the hand. we took $4.5 trillion out of the revenue stream. with the bush tax cuts we're only talking about putting a third of that back in. at the same time we doubled defense spend created homeland security, and created a new drug benefit and we're all getting a lot older. we have to realize it takes revenue, spending cut and entitlement reform. >> schieffer: you think they'll get past it? >> i think they will get past i
we are in the doldrums now because of the debt and the deficits that are dragging down our economy, as well as the over-regulation of small business. i think we've got to do something to do a patch now which, clearly on december 27, when mark warner and i go back, it is going to be a patch because in four days, we can't solve everything. >> schieffer: let me ask-- >> but i think we need to stop this fiscal cliff at a reasonable if salary level and then start working on the spending...
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last, we only had $1 trillion in deficits. his point is correct. the problem is you have the government taking in 60% of gross domestic product in tax revenue and spending between 23% or 24% in gdp in spending. we are borrowing 40 cents on every dollar that we stand. that has to close. i mentioned the gdp figures because the historic average is that the government takes in about 18% of the gross domestic product. the 2% is a manageable deficit. we are at 16% and 24%. that is too big. if you want to question it broadly, at what level do you set the tax rates and at what level do you set think spending rates? if you continue spending at 24%, taxing and 24% will never happen. the question is, where in the middle ground to you end up? the bowles-simpson commission proposed 21% in taxes and revenue, which would be the balance you would get to. republican members of congress insists that it does not go any higher than 18%. that is the fight that will play out in the next couple of years. how much of our spending are we actually paying for? host: we want
last, we only had $1 trillion in deficits. his point is correct. the problem is you have the government taking in 60% of gross domestic product in tax revenue and spending between 23% or 24% in gdp in spending. we are borrowing 40 cents on every dollar that we stand. that has to close. i mentioned the gdp figures because the historic average is that the government takes in about 18% of the gross domestic product. the 2% is a manageable deficit. we are at 16% and 24%. that is too big. if you...
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if, we have to do four things if we want to reduce the deficit. we have to get more revenue, we have to cut domestic spending, we have to trim and reform the health care programs in particular of medicare and medicaid and we have to cut defense. if we do all four of those things we can make significant down payment getting deficit under control. if we do some of them, the numbers are not there enough to make as much progress as we want. this is where mark and i agree. over next six to nine months we could see substantial progress towards smart fiscal policy in the country if the two parties come together. heather: we'll see what happens. thank you both very much for joining us until monday night. thank you. >> merry christmas. happy new year. [heavy breathing]. gregg: boy, remember that, video from april of 2011. monster tornado tearing through tuscaloosa, alabama, devastating the community and alberta baptist church. ever since then the church's pastor has been fighting insurers and fema and the city to try to rebuild. this month, finally some mo
if, we have to do four things if we want to reduce the deficit. we have to get more revenue, we have to cut domestic spending, we have to trim and reform the health care programs in particular of medicare and medicaid and we have to cut defense. if we do all four of those things we can make significant down payment getting deficit under control. if we do some of them, the numbers are not there enough to make as much progress as we want. this is where mark and i agree. over next six to nine...
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if we're going to have a good solution that gets at our deficit and reduce our debt everything has to be on the table and we'll deal with it. it's great to have rules. we just like to know what they are so we can make the right investments moving forward. >> even if it puts us in a climate of slow growth, even more slow growth than the economy which would be the kind of a climate where you as a ceo wouldn't want to invest in that anyway, you know what i mean? >> so i think a grand bargain won't create a slow economy. i think it will restore confidence and we'll all invest. we'll know what the rules are and the game plan is. weied be ready to move ahead. we have opportunities to grow all the way around the world. we need to know where to put our capital investment. if we know what the rules are, we'll invest. 60% to 65% of our costs are people and we put people back to work every day. >> you don't expect a grand bargain? >> no. >> meaning? >> a short-term fix and perhaps a recession. they talk about this bungee approach and i don't think that's helpful. let's take it away from american
if we're going to have a good solution that gets at our deficit and reduce our debt everything has to be on the table and we'll deal with it. it's great to have rules. we just like to know what they are so we can make the right investments moving forward. >> even if it puts us in a climate of slow growth, even more slow growth than the economy which would be the kind of a climate where you as a ceo wouldn't want to invest in that anyway, you know what i mean? >> so i think a grand...
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so it adds to the deficit and only is willing to raise taxes on millionaires and above and that is getting through the senate. so what you're saying the reverse is true when you look at the house. boehner can pass the senate bill tomorrow as harry reid said today, but he doesn't want to do it with democrats and he wants a majority of the majority. is there anything wrong? wouldn't you like a bipartisan coming together here and everybody's in this? >> it would not be at all, and any of the plans at all, joy. and they campaign on three to one spending on we haven't seen anything like that come out of the senate. and they will not do anything to come out of the senate. >> john boehner can't get his own caulk us to take a vote on his idea to only raise the tax rates. he can't even get his own caucus to do that and he's been humiliated over and over by his own caulk us and he can solve it tomorrow. >> joy ann, harry reid hasn't passed a budget in years. >> he's passed a solution to this crisis. we're talking about the fiscal cliff. >> it hasn't got ensigned into law. there's no success yet ther
so it adds to the deficit and only is willing to raise taxes on millionaires and above and that is getting through the senate. so what you're saying the reverse is true when you look at the house. boehner can pass the senate bill tomorrow as harry reid said today, but he doesn't want to do it with democrats and he wants a majority of the majority. is there anything wrong? wouldn't you like a bipartisan coming together here and everybody's in this? >> it would not be at all, and any of the...
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Dec 28, 2012
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that's an 8% budget deficit to gdp. we're in the same realm as spain. we're not -- we do not have good optics here. i think it's going to get worse before it gets better. >> craig, you know, i understand that we need a real good kick in the pants, in the fiscal pants if you like, right, to get this house in order. at the same time, if we go over that cliff, this is real money to real people. this is money being taken out of people's paychecks. this is some people losing their unemployment benefits. all kinds of things could happen. how bad could it be? >> well, it certainly could be bad. just as an example of that, if you look at the payroll tax cut alo alone, that doesn't seem to be on the board. that could be an increase in the gasoline tax of $1.25 a gallon. there will be effects, but that has to happen at some point. we've been living on sugar high for too long now. at some point we have to get back to fiscal discipline. there's going to be some pain involved. >> craig, politicians don't get re-elected by not giving out candy. they get elected by gi
that's an 8% budget deficit to gdp. we're in the same realm as spain. we're not -- we do not have good optics here. i think it's going to get worse before it gets better. >> craig, you know, i understand that we need a real good kick in the pants, in the fiscal pants if you like, right, to get this house in order. at the same time, if we go over that cliff, this is real money to real people. this is money being taken out of people's paychecks. this is some people losing their unemployment...